July 29, 2010

Commission chastizes Estonia on euro preperation

TALLINN - The European Commission this week said Estonia needs to improve its preperation programs for adopting the euro at the beginning of next year.

In a report issued on Tuesday, the commission pointed to a number of shortcomings in Estonia's preparations to join the eurozone on Jan. 1, 2011.

“The changeover coordinator should be available at all times … to handle any potential problems,” the report reads.

The Commission’s biggest concerns, according to the report, are the organisation of the currency exchange in cash and the government’s ability to involve enterprises in the campaign to prevent unjustified price growth.

The report recommended that Estonia appoint a full-time official who would co-ordinate the preparations and would be the principal spokesperson to the media.

The Commission is also concerned that Estonia has not required stores to give change exclusively in euros immediately from its introduction.